Bids for Investec Australia Units Due Feb. 7

Units Include a Professional-Finance Arm Valued at About $1.8 Billion

SYDNEY—Investec has set the end of next week as the deadline for indicative bids in the sale of three of its Australian business units, two people familiar with the sale process said.

The South African bank said in November it had appointed Ernst & Young, King & Wood Mallesons and Greenhill & Co. to advise on the sale of the three, which include a multibillion-dollar professional-finance arm that it hopes will attract bids...